PDS Planning Inc Invests $207,000 in Veeva Systems Inc. (NYSE:VEEV)

PDS Planning Inc bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 895 shares of the technology company's stock, valued at approximately $207,000.

A number of other institutional investors also recently modified their holdings of VEEV. Sowell Financial Services LLC purchased a new stake in Veeva Systems in the first quarter worth about $274,000. Janney Montgomery Scott LLC purchased a new stake in Veeva Systems in the first quarter worth about $5,876,000. Linonia Partnership LP lifted its holdings in Veeva Systems by 42.1% in the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock worth $252,925,000 after buying an additional 356,300 shares during the period. VSM Wealth Advisory LLC purchased a new stake in Veeva Systems in the fourth quarter worth about $42,000. Finally, Amundi lifted its holdings in Veeva Systems by 9.8% in the fourth quarter. Amundi now owns 459,044 shares of the technology company's stock worth $99,750,000 after buying an additional 40,884 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. KeyCorp lowered their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Morgan Stanley raised their target price on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. Stephens reaffirmed an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Mizuho raised their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Finally, Citigroup raised their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $269.80.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director now owns 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,184 shares of company stock worth $1,376,179 in the last 90 days. 10.30% of the stock is currently owned by insiders.

Veeva Systems Trading Up 0.6%

Shares of VEEV stock opened at $282.89 on Friday. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $291.69. The firm's 50 day moving average is $255.10 and its 200 day moving average is $235.54. The stock has a market capitalization of $46.23 billion, a P/E ratio of 59.93, a P/E/G ratio of 2.21 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the company posted $1.50 earnings per share. The firm's quarterly revenue was up 16.7% on a year-over-year basis. As a group, equities analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

Want to see what other hedge funds are holding VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeva Systems Inc. (NYSE:VEEV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.